Comments on: RESP – Individual and Family Plans

By: Four Pillars

Four Pillars — Fri, 01 Jan 2010 23:27:12 +0000

Thanks Phil – I need to update the post.

By: Phil Hogan

Phil Hogan — Fri, 01 Jan 2010 21:55:07 +0000

Quote from above “Family accounts have to be collapsed by Dec. 31 of 25th year after plan setup”

I was under the understanding that both individual and family plans could remain open until the 36th year…am I mistaken?

Thanks

Phil

By: Annette

Annette — Fri, 17 Apr 2009 15:11:38 +0000

Thanks so much for your advice. Great website, by the way!

By: Four Pillars

Four Pillars — Fri, 17 Apr 2009 04:19:49 +0000

Annette – the subscriber of the resp owns the money 100% so they can do whatever they like with it. The beneficiary has no claim to the money until it is given to them.

Given that there was a divorce involved you might want to check this out with a lawyer since the rules might be different in that case.

By: Annette

Annette — Fri, 17 Apr 2009 03:30:05 +0000

My dilemma is that my ex-spouse, who became the subscriber of the RESP after the death of his mother (the original subscriber) apparently took the funds and spent them, rather than allow one of his three children named as beneficiaries in the family plan access to some of the money for post secondary education fees. Is that legal? And what about the rights of the beneficiary, or does the child/student have any where the RESP is concerned?
This is really a tragic circumstance.

By: Four Pillars

Four Pillars — Fri, 17 Oct 2008 17:08:00 +0000

Like I said, they have to be Canadian residents. Otherwise no dice.

By: Nazir

Nazir — Fri, 17 Oct 2008 17:00:41 +0000

So there is no other way? They have to be Canadian residents with a SIN? Or just a resident? We will eventually move to Canada and reside there so I’d like to find a way to take advantage of this plan. Our kids are 3 yrs old.
Thanks

By: Four Pillars

Four Pillars — Fri, 17 Oct 2008 14:40:50 +0000

Nazir – no, he can’t. The kids have to be Canadian residents to qualify for the grant.

By: Nazir

Nazir — Fri, 17 Oct 2008 14:33:11 +0000

Hello,
I’m a Canadian Citizen living in the USA as a resident with two children who were born in the USA. Can my father (lives in Canada) setup an RESP on behalf of my two children and also be qualified for the yearly grant (I believe $400 for every $2000)?
Thanks!

By: Pablito

Pablito — Sun, 02 Mar 2008 14:49:29 +0000

Thanks, but I’m not sure it is worth the effort. I was just asking out of curiosity.